Sunday, Jan 11, 2009
Banks are bust
Times: Gordon Brown calls in top bank bosses
In a secret meeting with Myners before Christmas, senior partners from KPMG, Deloitte, Price Waterhouse Coopers and Ernst & Young warned they might not be able to sign off the accounts of Britain’s biggest banks. The auditors were not certain they could state that banks and building societies were “going concerns” under the terms of international accounting rules.
Posted by gardeniadotnet @ 12:09 AM (1120 views) Add Comment
12 Comments
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1. Whiteknight said...
ah. that answers a question i had earlier in the year. accountants - got to love them. (accountants , bankers and lawyers - find upstanding members of society).
Of course $50 billion ponzi schemes, and IT out-sourcing account margin "exaggeration" .. no problems there!
2. crunchy said...
Q...............................&................................E.
Conspiracy in it's nicest form!
3. gardeniadotnet said...
@1. crunchy - less of the crypticism.
Let the printing presses roll!
4. crunchy said...
No 10 refused to comment on the guest list for the Chequers lunch.
Not so much of a conspiraloon now. : (
Your worst nightmares are about to unfold.
5. gardeniadotnet said...
"The next steps to be unveiled within a fortnight.... will involve creating a so-called “bad bank” to take toxic debt off banks’ books."
Cracking idea, Gromit.
Yeah... yeah.... and we can have 'bad bank accounts' to take toxic debt off personal overdrafts!!!
6. crunchy said...
I am livid.
Do you know what the really cute part of this article is?
We are the "BAD BANK". Yes, all of us, our kids and there kids will be paying off the toxic waste.
It does not stop there, we could be paying for our demise!
7. crunchy said...
Beat me to it Garden! I am hitting the port from Christmas. Good night!
8. Malct said...
crunchy - their kids
(when they create the debt based money supply - they don't create the interest)
9. Eternal Sceptic said...
I think the plot has been well and truly lost!
10. Graham said...
The bad bank we may be, but won't we pay for it through deflation, rather than our children paying? Since currencies are just nominal values, so in effect, those who hold cash will pay for this as the swapping of bad assets for invented money.
11. p. doff said...
3. crunchy said...''Not so much of a conspiraloon now.''
I only thought of you as a conspiraloon in your Malct guise. As Crunchy you still get the benefit of the doubt - but time is running out.LOL
12. crunchy said...
7. p. doff
Time is running out for all of us. The only problem is, that most, if not all are unaware of what waits at the bottom of the rabbit hole.
We may overcome! Hope for the best, prepare for the worst!